Financials
- Fiscal year
- 2024
- Total assets
- €6.1m
- Loss
- -€8.5m
- Solvency
- -625.9%
Turnover▲ 9.4%
Net result
20182019
Novadia
ActiveSummary
The computed 12-month bankruptcy probability of Novadia is 2.5% (moderate). The 2024 annual accounts show negative equity (-€38.0m) and a net result of -€8.5m. The figures fluctuate too strongly year-on-year for a reliable trend projection. Its solvency ranks better than 5% of 693 sector peers (fiscal year 2024). The company has been active since 2007 and the Belgian State Gazette contains no insolvency or warning signals.
Overview
Activity
Residential care activities
NACE 87301Business and other management consultancy NACE 70200Business consulting NACE 70220
#3 company by total assets in Sint-Jans-Molenbeek, Health and social work sector1 site
Size
€6.1mtotal assets 2024
- Staff
- 0.3 FTE
- Equity
- -€38.0m
- Loss
- -€8.5m
Structure
- Parent
- EMERA INTERNATIONAL · 100%
- Board
- 4 members
- Holdings
- 7
Auditor: Michel Weber, Reviseur d'EntreprisesAccounts 63 d overdue
Why 50- Liquidity: current ratio 4.62, cash €24,189- 1 financial year not filed after the legal deadline; latest accounts 119 days late; 3 of the last 3 late- Loss of €8.5m, the second in a row (FY 2024)+ Sector Residential care activities (NACE 87)Show the evidence
Checked score
Score 2024
50
/ 100
Fair
Probability in this band: 1.5% to 4.2%
Better than 18% of its sector peers (NACE 87, micro)
Performance against the sector, not lower risk
Financial strength · tick = 2023
Weak
Solvency
0=
equity -625.9% of total assets
Liquidity
50=
short-term debt 2.7% · cash 0.4%
Profitability
0=
return on assets -140.3%
Bankruptcy probability, 12 months
2.5%
Moderate
0%0.5%1.5%4%10%≥ 25%
About 2 in 100 comparable companies go bankrupt within 12 months (an estimate).
Last 12 months
11-2025: 4.6%highest value
12-2025: 1.9%▼ -58.0% vs 11-2025lowest value
01-2026: 1.9%● 0.0% vs 12-2025lowest value
02-2026: 2.0%▲ +3.2% vs 01-2026
03-2026: 2.1%▲ +2.2% vs 02-2026
04-2026: 2.1%● 0.0% vs 03-2026
05-2026: 2.0%▼ -0.1% vs 04-2026
06-2026: 2.3%▲ +11.1% vs 05-2026
07-2026: 2.3%● 0.0% vs 06-2026
08-2026: 2.6%▲ +12.6% vs 07-2026
09-2026: 2.6%▲ +1.6% vs 08-2026
10-2026: 2.5%▼ -4.6% vs 09-2026
- Liquidity: current ratio 4.62, cash €24,189 raises the probability
- 1 financial year not filed after the legal deadline; latest accounts 119 days late; 3 of the last 3 late raises the probability
- Sector Residential care activities (NACE 87) lowers the probability
- Loss of €8.5m, the second in a row (FY 2024) raises the probability
No credit on open account
Liquidity ample (current ratio 4.62 against 15.74 in 2023; short-term debt: 2.7% and cash: 0.4% of total assets), but equity is negative.
How it is calculated
The band comes from the bankruptcy probability on a scale of 0 to 100: every 10 points more double the odds of getting through the year without bankruptcy.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Place inside the band: half the bankruptcy probability, half how the company does against its sector peers (NACE 87, micro). Better than this share of them on solvency 7%, liquidity 42%, profitability 6%, growth against the median 16%. That is performance, not lower risk; the band itself always comes from the probability.
Bankruptcy probability: model pd-v3.202610021621, computed on 02-10-2026. The model learns from Belgian bankruptcies and reads the registers, the annual accounts and the gazette.
Ceilings: negative or zero equity, a heavy loss, a special KBO legal situation and a missing filing 59 (two missing 44), an ongoing judicial reorganisation or an ending 24. Financial strength does not count in the score.
Credit check for your own amount and term
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk
raises risk · Negative equity
The 2024 annual accounts show negative equity and a net loss.
NBB · annual accounts 2024Equity per financial year
18192021222324
2018 to 2024 · latest year -€38.0m
raises risk · Filed more than 90 days late
The financial year that closed on 31-12-2024 was due by 31-07-2025 and was filed on 27-11-2025, 119 days past the deadline. Measured on financial year 2023: companies more than 90 days late are in an abnormal legal state today in 5.61% of cases, against 1.66% across all filers.
NBB · 10 filingsDeviation from the deadline
2025
not confirmed
2024
119 d late
2023
415 d late
2022
31 d late
2021
25 d late
2020
60 d late
2019
89 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 6 accounts on average 123 days after the deadline; the sector median for financial year 2024 is 27 days before the deadline, and 25% of the sector filed late.
Checked, nothing found (1)
- Resignation: Cécile Eudier (director)Appointment: Stéphane Cohen (director) ·…
- Annual accounts filedfiscal year 2024 · full…
- Appointments: Fabienne GRACCHUS (day-to-day manager) and…Ratification
Key points
- Risk: Negative equityfiscal year 2024: debts exceed assets -€38.0m View
- Risk: 7 loss-making years in a rowloss fiscal year 2024 -€8.5m View
- Caution: Among the weakest 5% on solvencysector median 37.4% · 693 companies -625.9% View
- Positive: Result rose in 2024from -€25.8m to -€8.5m ▲ 67.1% View
- Caution: Accounts not fileddeadline was 31-07-2026 63 d late View
- Controlled by EMERA INTERNATIONALknown shareholders 100% 100% View
- Board changedlatest change 23-02-2026 · 4 in office 1 joined · 1 left View
By topic
Board & ownership
- Board
- 4 members
- Parent
- EMERA INTERNATIONAL · 100%
- Known shareholders
- 100%
- Auditor
- Michel Weber, Reviseur d'Entreprises
Go to Board & ownership
Network & group
- Group
- INVESTCO EMERA SAS
- Subsidiaries
- 7
- Connected companies
- 6
7 subsidiaries
Timeline
- Events
- 32
- Since
- 2011
- 17-04-2026Resignation: Cécile Eudier (director)
- 27-11-2025Annual accounts filed
- 28-10-2025Appointments: Fabienne GRACCHUS (day-to-day manager) and Ludovic…
Company details
- Sites
- 1
- Legal form
- Public limited company
- Activity
- Residential care activitiesNACE 87301
- Founded
- 17-09-2007
- Year ends
- 31-12
- Peppol
- Reachable for e-invoices
Articles of association
- Provisions read
- 1
- Purpose
- La gestion et l'exploitation de maisons de repos pour personnes âgées, de maisons de repos…
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